Foreign participation and the Foreign Business Act — Review overdue

Determine first whether the investor or entity is a “foreigner” under the current Thai statute and ownership chain, then classify every proposed revenue activity under the Foreign Business Act and applicable sector law. A simple percentage statement is not a complete legal analysis.

Depending on the facts, an activity may be prohibited, require a Foreign Business Licence, qualify for a certificate following BOI or other statutory permission, fall under a treaty route, or be outside a restricted list. These outcomes are not interchangeable. DBD and the relevant regulator decide the application; no licence, certificate, ownership level or timing is guaranteed.

BOI promotion applies by approved project, activity and conditions. It does not create a blanket exemption for all company activities. A representative or branch office also needs activity, foreign-business, tax, employment and sector review.

Nominee arrangements are prohibited

Do not use Thai shareholders who do not make a genuine investment or exercise genuine shareholder rights. Thailand Expat Services will not design or refer nominee arrangements.

Required action: obtain a written Thai-law activity, ownership and licensing opinion before selecting shareholders, signing control agreements, taking revenue or filing with DBD.

Do not send ownership, passport, financial or corporate records through a general enquiry. Optional referrals are to independent providers; their scope, fees and any referral compensation are disclosed before consented contact-data transfer. No outcome is guaranteed.

Review status: Review overdue. Last recorded review 30 August 2025.

Professional review: Not performed; qualified Thai FBA and corporate counsel is required.